Last week, Massachusetts Mutual Life Insurance Company (MassMutual) announced plans to purchase $100 million worth of bitcoin and plans to hold 0.04% of its $235 billion treasury in BTC. The firm also invested $5 million to acquire minority equity stake in NYDIG, a custodian firm that provides crypto services to private clients, institutions and banks. On December 11, Nikolaos Panigirtzoglou, a strategist from JPMorgan, said in an interview with Bloomberg that Bitcoin adoption is now expanding from small family offices and wealthy investors to more established investors like insurance firms and pension funds. “MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. The potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example,” he said to Bloomberg. MassMutual is a 169-year-old insurance company in the business of measuring risk. They follow in the footsteps of other major institutional players like MicroStrategy who recently announced that it plans to raise an additional $400 million in institutional debt to buy more bitcoin. Bitcoin investor Mike Novogratz noticed the milestone, "This might be the most important BTC news of 2020. An insurance company buys bitcoin for its general account. This needs fed approval. It’s a HUGE deal," he tweeted. According to estimates by CryptoNews, if every pension fund and insurance company in the U.S., Europe, U.K. and Japan allocated the same 0.04% of their treasuries to BTC, that would increase demand by $24 billion.